Meets expectations, but forecasts revenue slide
Wipro Ltd, one of the top three Indian software exporters, beat its market guidance but has produced fourth-quarer revenue from IT services that was almost 5% down sequentially at $1.05 billion.
It has warned it expects further softening into 2009. The company said today it sees revenues sliding in the next quarter to between $1.01 billion and $1.025 billion.
Company chief Girish Paranjpe did offer some hope, saying “It seems like the worse may be behind us.”
Results for the year ended March 31 showed total revenues increased by 29% to $5.00 billion and produced a net income of $677 million, which the company said stood as an increase of 7% over the same period last year. Some $4.3 billion came from IT services.
Wipro now numbers 97,810 employees which includes nearly 23,000 staff deployed in its BPO business.
At the start of the year the company completed the purchase of Citi Technology Services, the India-based captive provider of IT to financial services giant of Citi for $127 million.
Earlier in the year the company also launched an insurance claims analytics service targeted at property and casualty insurance built on the SAP BusinessObjects platform.
It also developed unified communication and collaboration services, which works with Microsoft Office Communications Server 2007 to provide dial-in audio conferencing bridge, persistent group chat and Live Meeting.